IRELAND Trends and Developments Contributed by: Diarmuid Mawe, Craig Kenny and Katelin Toomey, Maples Group
Certainty The Act extends the development plan periods from six to ten years, providing more certainty for developers and investors. The development plans will also be more strategic in nature. Judicial review The Act makes substantial changes to the judi - cial review process, removing the preliminary “application for leave” stage, requiring a statu - tory declaration from applicants, and defining “sufficient interest” for standing requirements. The Act also imposes stricter procedural rules for amending pleadings, and mandates the exhaustion of appeal procedures before seek - ing judicial review. Restructuring of planning authorities The Act restructures An Bord Pleanála , renam- ing it An Coimisiún Pleanála (the Commission) and increasing its focus on efficiency, decision- making timelines and transparency. The Com - mission will consist of a chief planning com - missioner, a deputy planning commissioner and 13 ordinary planning commissioners, with the possibility of additional resourcing as needed. Regular reviews of the Commission’s organisa - tion and procedures will be conducted to ensure oversight and compliance with the Minister’s requirements. New criminal offences and the creation of urban development zones The Act introduces new criminal offences related to requesting payments or benefits in exchange for not opposing a development. It also phases out the concept of strategic development zones (SDZs), replacing them with urban development zones (UDZs) that can be designated by the Minister or planning authorities if they provide significant benefits to the State and the com - mon good. UDZs are designated areas where
planning and development can be fast-tracked to meet specific economic and social objectives. The Irish CRE market: investment market Investment volume in the Irish CRE market increased to EUR2.5 billion in 2025, marking a 21% increase on 2023 activity levels. Investment improved across most areas of the market, most notably in the retail and hotel sectors. Reduced interest rates, yield stability and politi - cal stability were some of the significant factors that contributed to improved activity levels, with the pricing differential between sellers and buy - The Irish retail sector has demonstrated its resil - ience with consumer confidence and retail sales increasing throughout 2024. There are several new international entrants to the Irish market – for example, Alo Yoga and Kiko Milano opened their first Irish stores at the end of 2024, and Arket is due to open its first store in early 2025. High-end retail centres performed well in 2024, with the Blanchardstown Centre securing new leases with leading brands such as the North Face, Phase Eight and Hobbs London in the past year, for example. Retail was the most invested sector in the Irish market in 2024, accounting for 43% of total spend. However, given the number of retail assets that traded or were refinanced in 2024, there is likely to be a slowdown in investment in this sector in 2025. Notable transactions throughout 2024 include SVP’s acquisition of the Blanchardstown Centre, Eagle Street’s purchase of The Square Tallaght for EUR130 million and Iroko Zen’s acquisition of Kilkenny Retail Park for EUR25 million. ers closing significantly. Sector-specific trends Retail
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